GameStop Offers $55.5 Billion to Acquire eBay

GameStop on Sunday submitted a non‑binding proposal to acquire 100% of eBay for $55.5 billion, offering $125 per eBay share in a mix of cash and GameStop stock. The company said Ryan Cohen would serve as chief executive of the combined firm if the transaction closes.

The proposal covers all outstanding eBay shares and is subject to approval by eBay’s board of directors, a shareholder vote and regulatory clearance. GameStop described the offer as unsolicited and noted it may take the proposal directly to eBay shareholders if the board does not recommend the deal.

GameStop’s filing states the transaction would be subject to customary closing conditions and regulatory review. The company characterized the proposal as non‑binding, allowing for withdrawal or revision while the parties conduct due diligence and negotiate final terms.

On compensation, GameStop noted that Cohen currently “receives no salary, no cash bonuses, and no golden parachute,” and that his pay would be tied to company performance. Earlier this year the company disclosed a potential maximum payout of up to $35 billion linked to a plan that would award large compensation if GameStop’s market value reaches $100 billion.

The offer prices eBay at about $55.5 billion, above its recent market capitalization near $46 billion. GameStop’s market capitalization is roughly $12 billion. Shares of both companies rose after the announcement.

The offer is structured as a combination of cash and GameStop stock at $125 per eBay share. GameStop said the proposal can be revised during due diligence and negotiations.

If the companies reach a definitive agreement, the transaction would require eBay board approval, a shareholder vote and regulatory clearances. Market participants will watch how GameStop plans to finance the cash portion of the offer and whether regulators review the combination for competition concerns.